Topic: What if crypto mining is outlawed ? - page 2. (Read 676 times)

If there's a possibility that mining gets banned, then that can only mean that bitcoin would go up in prices and with mining being banned, a lot of the equipment for it is going to get expensive because people will still mine no matter what and they will find a way, if you make something illegal and there's a big demand for it then expect that the prices get affected.

True that. Even after China banned the mining of Bitcoin, has it not recovered after then? all this negative news will always follow Bitcoin for now until there is no other negative FUD to peddle about Bitcoin and as you said until it actually happens that crypto mining has been banned all over those countries which I also think is unlikely, it is good to have a positive mindset about your investment so you don't act irrationally.   

This changes nothing. It will just re-direct the whole power to the countries where mining is still strong enough and legal. For example, imagine El Salvador where bitcoin is considered as legal tender, it will get the upper hand and thus gain the whole and sole power to mine the crypto. Stopping the crypto mining won't stop the use of the crypto currencies in any country as it is online, and it can not be practically banned or stopped from using.

So left over mining power and followed by it's reward, will be given to El Salvador (example). Imagine they have will have huge amount of assets in their hands.

If other countries do this, then they will be dropping the axe on their own legs!

They will pronounce it illegal if that will harm us but since it could provide us a good living for miners, that is certainly impossible it will be banned globally. That what-if question is only for those who are doubtful in the market and only the thing they just think is negative.

Cryptocurrencies have been grown wild and getting spread across the globe which means that every government is already aware of its capabilities. And upon seeing the support of some countries (developing countries) the more we are comfortable that the crypto mining industry will grow as well.

Unless crypto mining was made illegal worldwide, which is EXTREMELY unlikely, then it would remain in the world. Miners would just go to different countries where mining is allowed.  So even if somehow it was worldwide illegal, we would still find ways around it. But if there were absolutely no ways around it and no ways to mine, even secretly, then we would just have to accept it and find new ways to keep the blockchain going.

Struggle fuels innovation.

From the perspective of these countries, they believe that bitcoin mined with their own resources will be exchanged for dollars triggered at any time. With the continuous issuance of US dollars, the price of bitcoin has been soaring. After their nationals bought bitcoin, the value of bitcoin fell, and finally the assets in people's hands decreased. These countries believe that their resources have been stolen. I guess so.

With the amount of money pouring into the space, it is highly improbable that all nations will ban bitcoin simultaneously. Bitcoin operates under game theory, so that there will always be certain governments taking advantage of it if they see others shunning it, given that it is a decentralized protocol that can never, in practice at least, be eradicated - with heightened rewards for miners the more of them drop out, by choice or by force. And even if all nations banned bitcoin simultaneously, underground miners would operate to mine bitcoin and keep the network running.

Again, in practice bitcoin cannot be banned everywhere at the same time.

Where others see risk someone else will see an opportunity, it is going to be almost impossible to have a complete ban of mining all over the world, at some point some countries will look at the mining industry and will see in it a way to get revenue, and as such they will allow miners to stay in their country, now this could rise the costs of mining, which means only the most efficient miners will survive, but this is nothing really new at all.

Bitcoin mining for some countries has a significant loss impact, but for other countries that are pro with bitcoin, bitcoin mining can actually increase the income of the country. Regarding the use of energy for mining, of course there will be alternative energy that is environmentally friendly and it is being done by some of the big miners at this time. The pros and cons for bitcoin mining will certainly continue to exist. If crypto mining is prohibited, of course, it will take longer to supply bitcoins that can be mined. and FUD will also be more and more scattered.

In a nutshell, Bitcoin would adapt.

Let us consider the actual ramifications of this scenario. At present, we have seen so called "mining bans" occur with the predictable impact on price. The psychological impact of news like this is the biggest component; confidence in Bitcoin is undermined whenever significant, especially restrictive regulation hits the news cycle. The network itself never suffers any real harm, and the hash rate eventually balances out as miners simply move to a new jurisdiction where mining is permitted.

So what about a scenario where mining is outlawed on a global scale? Be it due to environmental concerns, financial regulation, or any number of unforeseen reasons? Always remember, bitcoin is a living and breathing thing. If the consensus method (proof of work) is the problem, we can easily fork and change to a new method. It's hard to believe that the community would give up on this grand experiment so easily, given the trials and tribulations we have gone through so far to get here. Bitcoin is far from set in stone. And as it continues to evolve, we will undergo a number of radical changes to create the most perfect network we can achieve.

It makes us distracted and even influences us to think negatively as well. This happens to most of the people 12 years ago, what if and what if? We probably have that in our mind before, to think negative is somewhat normal but can't just live it there, we also have to look on the positive side that could make a change. Well, in fact, for many years that some countries are banning crypto but others did not follow as they are not convinced, and this is also the same as mining. For real, people will find a way even how stricter the government is.

always think positively about the progress of bitcoin, if you believe in bitcoin, avoid FUD about bitcoin because it will make you always think that you are not comfortable investing.
because FUD aims to drop the value of BTC at its base, so close your ears and eyes for a moment for peace

threat is going to be expensive huh i guess ,
like franky1 said, alcohol and illegal drugs are prohibited, there are still many who carry out their transactions, and obviously alcohol and illegal drugs are more dangerous if misused
different from bitcoin just mining by using electricity
I think mining will still exist and will be safe unless the internet and electricity are turned off back to the stone age

Let's for a second assume bitcoin consumes around 90 Terrawats of electricity every year which is roughly around the electricity consumed by Norway. Now imagining of a situation where around top 50 countries would come together to ban crypto mining. If I just go by electricity production by country there would still be 1500 Terawatts of produced electricity left on earth to support mining. And let me tell you that it's not the lack of space why the remaining countries don't produce electricity, it's the lack of demand and if the large bitcoin companies come together they can easily manufacture their own electricity in a safe heaven and trust me that would be much more profitable for them than to rely on government provided electricity.

Some countries do ban mining, and a few big ones can follow, but I find it extremely unrealistic for all countries to do that. Also, even when mining's banned, it doesn't mean it's literally not done in the countries that introduced the bans. It highly depends on how much the laws are being enforced, and some or a lot of underground mining can take place. Moreover, thanks to the adjustments of the difficulty rate, even if a lot of miners suddenly stopped, it would only be a problem for around two weeks, and then it would get back to normal. Of all things that can threaten the future of cryptos, I don't think mining restriction is a big issue.

But if bitcoin eventually get banned in all countries would miners still surface to mine on earth? The answer is definitely no in as much as bitcoin is decentralized it still shares its own limitations and one of it is power consumption assuming bitcoin was built on pos we would have outnumbered regulatory authorities but i feel this aspect of mining limitations is the strongest weak point that could possibly hinder hashrate if peradventure mining gets outright ban across nations

If all this were prohibited we know there would be severe punishment for defaulters and people who use those products would slways do them in a completely secret environment and it would't be available in our everyday malls

How about you answer the question ? Let me repeat it again in case you missed:

Why did miners abandon mining in March dropping the hash rate to ~ 97.87 EH/s when the mining revenue from one TH/s was 20 cents and they didn't do that in October when we reached 142.94 EH/s and the revenue per TH/s was 7 cents?

If it wasn't because of a ban in China can you explain from the pure economical way why would anyone chooses to shut down their operation when they were 3 times as profitable?


I'm confused, what the *** are you talking about?

So you are claiming that miners didn't care about the 55% drop in price and were all leaving because China banned bitcoin for the 1000th time?
Maybe China banned bitcoin mining for 1001st time in January too when hashrate dropped from 217 EHS to 159 EHS which totally had nothing to do with another 50% price drop?

That won't hold water, besides, as a miner, I'm going to tell you that anything like an apartment is a no-go for mining, even in a duplex house you're going to drive your neighbors nuts, but on top of that, you're going to drive yourself insane if you live in anything other than a house with a garage or basement to put those airplane engines on.

And as you present more and more options that could void these inconveniences, this is exactly what a ban will do, exclude categories after categories till you have a tiny speck of dust. You first cut out people who can't afford gear, poeple who won't run those things for 10$ a day, poeple who live in apartments packed houses, poeple who don't have cheap energy, and so on and on.
How many poeple do own a house far away in the farm lands?


Completely off-grid with no feed-in tariff that would allow you to pull energy during the night is a no from my point of view, you have to either purchase batteries and supersize your solar panels or shut miners during low sun hours and night. On the other side, a feed-in tariff would make anyone curious why you have that ridiculous linear consumption at night, and everybody on that plan has smart meters, one click and they see all your power draw so we're back to square one.

The obvious question nobody bothers to ask is why would the same poeple who don't mine now at home switch to mining at home when a ban is set in place? Does it make sense? Nope, it doesn't!

Well you could just say you like running your electric heating and portable AC at the same and have tons of fans on because doing so keeps ghosts away. I guess you're screwed if you live in a thin walled apartment, but if you have your own house out in the farm lands wham there ya go.

Or also, offsetting electric costs with buying bunch of solar panels maybe?